East Coast lags behind in real estate recovery
Mortgage delinquencies and foreclosures may have fallen from year ago levels across the East Coast, but procedural impediments are blocking a more robust recovery in judicial foreclosure states like New York and New Jersey, The New York Times reports.
The publication has a more in-depth look at the states' foreclosure troubles:
“They are not the worst delinquency states,” Tim Martin, the group vice president for United States housing in TransUnion’s financial services business unit said, “but they’ve made the least progress since their peak out of other states in the country.”
Although neither New York nor New Jersey experienced the boom-and-bust scenario that dragged down the Florida and Nevada markets, their foreclosure timelines have been longer because of delays in the process, caused by logjams in state courts.